What's Next

Existing Market 
Step 1: What's Next
The type of product that I would offer next to my customers would be the now popular technology of parking space indicators. Such technology, now at mall and theme park parking garages, uses overhead sensors and cameras to identify open spaces for drivers. Th system also included large, overhead, electric signs that tell how many spaced are currently open on each level of the garage. It also has lights above each parking space illuminated in red or green so drivers can tell from a distance whether a spot is occupied or not. This system could improve my existing product/service of a parking garage because it makes the process easier for the end user (the driver). Finding a parking space will also become much faster because people will know exactly where spaces are available and where they are not.

Step 2: Interviews

Step 3: Path for the Future
In terms of growing my existing market, I decided it would be a good idea to interview some people in my target market to further understand their needs in relation to my venture. Two of the three people I interviewed said that the only innovation they could think of to expand my venture would be the parking space indicators I had previously mentioned to them. They said that a parking garages is a difficult type of product to expand upon, which I can now see is true. However, they loved the idea and believe that it would make their parking experience a better one.
The other student I interviewed regarding my venture expressed a concern for safety in the garage. Although driving to campus and parking is safer, she said that the idea of a big, empty garage at night is "scary and sketchy." I can see why this is a concern; therefore, I believe her suggestion would be a great solution to such a problem. My garage could also have extensive security, such as cameras and actually guards at night to ensure everyone's safety.

New Market 
Step 1: Identify New Markets
My target customers at the moment are young, college students who do not have immense amount of money to spend. They are paying for their education and saving. My new market would be alumni. The University of Florida often has large events for the alumni association where all who attend drive, thus creating the issue of insufficient parking.

Step 2: Value
My venture concept for this new market would be to create a valet system to make the alumni events as luxurious as possible. Staff would parking their cars for them in the garage, that they, they do not have to worry about getting lost and looking for their car in an unfamiliar place (the new garage).

Step 3: Interviews

Step 4: Reflection
What I learned about this new market was that their needs related most to the events held at the University of Florida. Employees who work at the places where the events are held, such as the Reitz Union, see the parking situation as a problem for the alumni. My expectations and assumptions were somewhat correct, because I anticipated that valet parking could be a great solution. However, I did not think the problem was as big as it is and such a hassle.
One of the interviewees made a great point, that many of the alumni that attend such events are older and valet would be much more convenient to them, considering many parts of campus are an uphill walk. This market is not as attractive as my market of the college students due to the fact that their as simply less customers in the new market, therefore, smaller profits.

Week 12 Reading Reflection

1. The biggest surprise for me in the reading was learning how much planning goes into entrepreneurship and venture ideas. I knew that to some degree it was necessary; however, due to the field's creative association, I assumed most people figured it out as they went along, as opposed to planning far ahead. I suppose that I assumed this because that is how I associate creative people and their work in my head. I tend to think creativity cannot be planned, but rather, it just happens. Now I know that this is not always true, especially in the case of an entrepreneur.
2. One part of the reading that was confusing to me was the part where the author illustrates all the fatal vision in strategic planning. If a single entrepreneur has a venture idea they are looking to pursue, it seems to be that they would need to hire help in order to avoid all possible types of fatal visions. I find it hard to see how a beginner or someone working alone would be able to do all this analysis, while still trying to create a product/service of the best quality. The text does not describe how to balance the two responsibilities.
3. If I could ask the author two questions I would ask him (1) "How do you suggest entrepenuers balance the responsibilities of avoiding fatal visions, conducting a SWOT analysis, managing growth, and actually creating a product/service?" (see question 2 above) and (2) "Are business assessments such as the SWOT analysis necessary for all venture ideas, or are there industries where they are not?"
4. There was nothing in Chapter 13 that I thought the author was particularly wrong about. The chapter focused on types of analysis and development stages, not really the opinions of the author.

Venture Concept No. 1

My entrepreneurship idea is to expand upon already existing parking garages to creating more parking for students in order to encourage them to attend class and participate in extra curricular activities, all while feeling safe on campus.

Opportunity 
The customers with the need would be the students of the University of Florida, even though they will not be the customer we sell our service to; that would be the actual university. The nature of the need is more parking on campus for students who perhaps live to far to walk, find it inconvenient, or are not comfortable with the bus system. The forces or changes in the enforcement creating this opportunity is UF's growing student population. Due to how quickly we are growing, more and more students are forced to live in parts of Gainesville not central to campus. The market is defined geographically by those strictly in the city of Gainesville; the market is defined demographically by college students, usually between the ages of 18-25.
Customers are currently satisfying this need by either attempting to find scarce parking, walking, or taking the bus. This opportunity is very big due to the high demand for additional parking that there. Most students which I have spoken to about the concept have a hard time justifying paying $160 for a parking decal that barely ensures they can actually park on campus. The "window of opportunity" will be open for a long time in my opinion. Unless the bus system improves or students suddenly become overwhelmingly ok with walking, regardless of the distance, this will continue to be a problem for all Gators.

Innovation 
My innovation includes building upon already existing parking garages on campus (i.e. the garages in front of the Reitz Union and Sorority Row). The price of a parking decal currently is $160 for one entire academic year. I would like to raise the price only by $10 to cover some of the cost of construction, however most of it would be covered by the increase in students purchasing the decals. This will allow student to drive to campus more easily.
When conducting interviews with UF students, many female students expressed their concern for their safety when walking on campus at night. "I don't feel safe walking 20 minutes across campus to get to my club meeting, it is not worth my safety to me so I just tend to not join clubs" said Alyssa, student here on campus. It is unfortunate that students feel discouraged to participate in campus life due to this problem. My expansion of parking garages will help students to feel safe and become more involved to due their centrality.

Venture Concept 
My innovation will address the opportunity of creating more parking on the University of Florida's campus for students who would like to drive. Customers will buy my innovation because it is both safer and faster than walking. I do not think that getting customers to switch will be difficult considering the convenience of the service I am offering. My competitor's would be other businesses who would like to construct this infrastructure for the university, however I am a student here and have worked for UF's Student Government which I think gives me an edge over my competition.
As far as the product/service itself, packaging is not a concern due to the fact that a garage cannot be packaged. My price point would be fair considering the amount of revenue it would bring the school. Customer support would be available at all stages of the construction process, allowing the customers to be involved. My business would include about 100 employees, 70 of which would be involved in the actual construction part, and 30 in administrative business.

Three Major Elements 

• My most important resource will be my background in Business Administration. This helps the overall business to succeed and be run as effectively and efficiently as possible. 
• What is next for my venture would be the "light system" described in my assignment of "Amazon Whisperer." This technology is a great expansion upon parking garages to make the process as easy as possible for the end user. 
• What is next for me and my venture
• In the next five years, I would like for my venture to be incorporated with today's technology. I would love for the University to implement the "light system" used in the above bullet point. As an entrepreneur, in the next decade I would like to expand to building other types of infrastructures for the school aside from parking garages. This first venture helps me to achieve this vision because the firm would have already worked with the university and they would have seen our great work. 

Amazon Whisperer

• For my business concept, my revenue drivers (different ways you make money) would be the payment for the construction of a parking garage, and the profits that come from people paying to park inside of it. The revenue for such a project is high because the maintenance for this infrastructure is low. 
• The type of product that I would offer next to customers would be the now popular technology of parking space indicators. Such technology, now at mall and theme park parking garages uses overhead sensors and cameras to identify open spaces for drivers. The system also includes large, overhead, electric signs that tell how many spaces are currently open on each level of the garage. It also has lights above each parking space illuminated in red or green so drivers can tell from a distance whether a spot is occupied or not. 
• This system could improve my existing product/service of a parking garage because it makes the process easier for the end user (the driver). Finding a parking space will also become much faster because people will know exactly where spaces are available and where they are not. 
• Such a product is not sold on Amazon, but rather through large businesses in the field. 

         

          

• I would not make any design or usability changes to the product. I think the formation of it is perfect, efficient, and effective for large parking garages. 
• I think this parking system would make a great addition to my original product/service of a parking garage because it makes the whole experience much easier and faster for drivers.

Week 11 Reading Reflection

1. The biggest surprise for me in the reading was learning how many businesses have given up on basic research and developed new strategies. "Basic research" is now seen as outdated by many in the field, and not as many firms now have research and development labs for study.
2. One part of the article which I found to be confusing was how the author states that long-term investments in research are not for everyone, but then later implies that it is the best strategy for businesses. However, if it is often the best strategy, why would it not be fit for at least a majority of businesses?
3. If I could ask the author two questions I would ask him (1)"Does the financial status and awareness among the public of a business greatly impact when is a good time to start the development of an innovation strategy?" and (2) "Do you think innovation helps attract short-term customers or long-term customers?"
4. I disagree with the author when he says that "only senior leaders can orchestrate such a complex system" regarding an innovation strategy. I do not believe that is true. In many businesses ordinary employees, who are not at the senior level, develop great innovation plans that are carried up to their superiors as a suggestion. The senior leaders then implement such strategies into their business model. Perhaps MOST OFTEN senior leaders orchestrate the strategies, but they are definitely not the ONLY ones who may do so.

My Unfair Advantage

Venture Idea: Parking garages for the University of Florida to expand parking on campus for students, faculty, and staff.

Resources & VRIN:
1. Networking relationship with domain experts in the industry

• Valuable because it ensures that each project is done with quality 
• Rare because it often takes ventures years to find networks like such 
• Inimitable because each relationship is unique 
• Non-substitutable because the opinions of experts in the industry are critical to making each project the best it can possibly be

2. Networking relationship with experts in the market

• Valuable because it helps us to understand the wants of our clients better 
• Rare because it is a third-party concern that we are also concerned with 
• Inimitable because each relationship is unique 
• Non-substitutable because the market impacts how we will conduct our business according to market and financial risk 

3. Networking relationship with important suppliers

• Valuable because we can access the highest quality supplies
• Rare- Not sure 
• Inimitable many business will stay with which supplier is the cheapest over which serves the best quality 
• Non-substitutable would be similar to why my venture is valuable in this case 

4. Student of the University of Florida (the client)

• Valuable because I already have connections with the client in some way prior to the project (mutual interest)
• Rare because it is a very strong mutual interest
• Inimitable because not every construction company can say that their owner graduated from UF
• Non-substitutable- Not sure 

5. Bachelors Degree in Business Administration

• Valuable because I already have an idea of how a business should be run to make it was effective and efficient as possible 
• Rare because not every business owner studied business 
• Inimitable- Not sure 
• Non-substitutable- Not sure 

6. Little to no maintenance of projects for the customer after completion

• Valuable because it can entice clients to complete such projects due to how easy they are to maintain and how much revenue they bring in 
• Rare because most products/services require some type of maintenance or upkeep
• Inimitable for the same reason it is rare 
• Non-substitutable because no other product can offer the same type of efficient use of space a parking garage does 

7. Expert management at every level of the project

• Valuable due to the fact that it can ensure every step of the project is going well when management shifts from one level to another 
• Rare because not every venture has strong management at every level; most have one management team that oversees the entire project 
• Inimitable- Not sure 
• Non-substitutable- Not sure 

8. Background in marketing to help increase awareness of venture

• Valuable because it can help the business grow and seek out a certain target client group 
• Rare because not all business owners understand marketing or what type of marketing is most useful to the business 
• Inimitable because most other ventures would need to pay someone to do their marketing 
• Non-substitutable for the same reason it is inimitable 

9. Management ensures the client is involved and notified of every step in the project

• Valuable because clients like to be involved and know what is happening during their projects 
• Rare- Not sure 
• Inimitable- Not sure
• Non-substitutable because not every business cares to keep their clients so involved and make them a part of the whole process 

10. Capable of taking on many different types of projects in construction

• Valuable because the venture is diverse 
• Rare because some business might only specialize in one type of construction, whereas we are flexible and creative 
• Inimitable because it requires creativity from the point of the business 
• Non-substitutable- Not sure 

After conducting my VRIN analysis, I have concluded that my most valuable resource is my Bachelor's in Business Administration (#5). It is more important to my venture than my other top resource because it gives the business AS A WHOLE a huge advantage/ Other of my resources only gave segments of my venture an advantage. My degree, however, shows overall knowledge in running a business. 

Growing My Social Capital

Domain Expert In The Industry

• Name- Lissette
• Expert in construction/construction management 
• Bachelor's Degree from Florida International University 
• From Miami, FL
• Family friend 
• Exchange: I contacted Lissette and asked her to look over/watch my Elevator Pitch No.3 and Idea Napkin No.2 and provide feedback. By looking at the campus map and diameters, then being told the university's population, she agreed that there is an incredible lack of parking on campus. She stated that there is sufficient area for additions parking garages to be built, however, they would not be central to main buildings of campus. She advised that UF expand already existing parking garages. It would be cheaper than building a new one because there is an already existing structure. However, the university may run into trouble on expanding upward depending on what the City of Gainesville permits according to regulations on the height of buildings. 
• Including this person in my network can enhance my ability to exploit an opportunity because I now know the best and most efficient way the garage should be built in order to make the process smooth

Expert In The Market (market customers)

• Name- Gabriella 
• Expert in college student buying habits
• Bachelor's Degree in Marketing and Economics from Florida State University
• From Tallahassee, FL
• Contacted students who conducted research on student buying habits 
• Exchange: I contacted Gabriella and asked her to look over/watch my Elevator Pitch No.3 and Idea Napkin No.2 and provide feedback. Gabriella told me that students would be more likely to pay the parking decal fee of $160 if it guaranteed them a parking spot the majority of the time they drive to campus. However, to pay $160 to never find parking anywhere is silly. She agrees that students would pay the price if UF were to expand parking option because the price would be worth the cost. 
• Including this person in my network can enhance my ability to exploit an opportunity because it gives me a better understanding of my target customers and at what prices they would be willing to pay for what goods/services. 

Important Supplier

• Name- Gerald 
• Supplier of building material 
• Bachelor's Degree from University of Miami 
• From Miami, FL 
• Family friend 
• Exchange: I contacted Gerald and asked him to look over/watch my Elevator Pitch No.3 and Idea Napkin No. 2 and provide feedback. The feedback Gerald gave me was that an already existing structure (the already existing garages) could either be an advantage of disadvantage for the project. It could work in the university's favor because the project would turn out to be cheaper and quicker; but, it could turn out to be a disadvantage if regulations since the original building of the garages has changed to something that would no longer be compatible in terms of material. 
• Including this person in my network can enhance my ability to exploit an opportunity because I would not myself have thought to make sure regulations have not changed drastically that would prevent building plans. Gerald is valuable and offers great advice and expertise. 

Reflection 

This exercise impacted how I plan on participating in future networking events because it taught me that even though not every person you speak to will be actually involved in your entrepreneurship idea, their knowledge can still be valuable and can help you to see flaws in your plan. This experience did differ from my networking experiences of the past because my previous ones have been in a more social setting, where as these were over the phone and through email.  

*Due to privacy reasons, I have only included the first name of all participants*

Week 10 Reading Reflection

1. The biggest surprise for me in the reading was seeing how far into detail the author went regarding finances and accounting. I had not anticipated there being a portion of this course revolving around finance material. However, now that I think about it, it makes perfect sense; being an entrepreneur could be risky, therefore, knowing you financial status is vital in the process.
2. There was no particular topic in Chapter 11 which I found confusing. Due to the fact that I have taken several accounting and finance courses before, a large majority of this chapter's material was at the very least familiar to me.
3. If I could ask the author two questions I would ask him (1) "How much finance does an entrepreneur need to know very well before they begin entrepreneurship in order to be as efficient with their money and resources as possible?" and (2) "Do you believe one person can do it all? That is, can one person be the entrepreneur, the one managing finances, and the one managing the product/service/idea, or would that be too hectic in your opinion?"
4. There was not anything in particular I thought the author was wrong about. A majority of the chapter was fact-based on the topic on finance.

Elevator Pitch No. 3

1. The pitch:

2. Reflection
The single most repetitive piece of feedback I received from my Elevator Pitch No. 2 was a concern of where these parking garages would fit on campus. One peer recommended that they be built on top of already existing parking garages, just as an expansion. I loved that idea and thought it would be the most efficient and effective way of the University of Florida going about this issue to create a solution. Another student suggested I use less hand gestures, as he found them distracting to the pitch itself. Therefore, I tried to keep my hands to myself and show more expression through my tone of voice and face.

3. What did I change?
Based on the feedback, I changed where and how the parking garages would be built (explained further in #2 above). Aside from that, I kept my elevator pitch the some and just added or took away minor details to make it all flow better.

My Secret Sauce

1. Human Capital
What are the experiences, skills, and emotions that make me unique and different? (5)

• I have had many jobs, which I think has taught me very much, even aside from what those jobs actually consisted of. I have learned to work and deal with many different types of people and situations. Originally I am from Miami, and the style of how people interact at work there is different than how people interact here mostly due to the fact that the culture there is incredibly different. 
• I speak Spanish fluently. I am Cuban-American which I am very grateful for because I grew up speaking equal parts of English and Spanish. I feel that this is necessary, especially if I want to work back home in Miami, where employers expect prospective employees to speak the language fluently. 
• I am a perfectionist. This could be an advantage and a disadvantage. It is beneficial in the sense that I only put out quality work and pay attention to detail. However, this could also be harmful because I can sometimes get more caught up in the details than in seeing the big picture. 
• I am sure of what I want. I know what I expect in people, my education, and career. When I set my mind to something I am usually 100% confident in my decision. However, usually it takes me long to make big decisions. I do not mind though because it gives me time to really consider the pros and cons of potential actions. 
• I am open minded. I can often see both sides of a situation and the logic/reasoning behind it. 

2. Interviews

"What knowledge, skills, abilities, emotions, etc. make me different?"

3. Reflection
I saw a pretty big resemblance in how I see myself and how those closest friends see me. One difference I assessed while conducting my interviews was that my friends saw my stubbornness as an attribute that could help me in the future with my career. I think the differences I saw are caused by the fact that we often see ourselves in a certain light by what we think about ourselves; however, our friends know us best through our actions. I thought, for the most part, that my interviewees were pretty spot-on about me due to the fact that they know me very well. Finally, I would not make any corrections to the list I wrote above after hearing these interviews. I think they mirror what I wrote about myself quite well. 

Week 9 Reading Reflection

1. The biggest surprise for me in the Chapter 10 reading was learning how much value customers bring to creating the perfect marketing plan. According to the reading, research has show that customer-centric marketing philosophies tend to show the most success for businesses and entrepreneurs. A customer driven ideology is best long-run solution. 
2. One part of the reading which I found confusing was the part where the author describes all the ways prices impacts customers, aside from the actual buying factor. The author does not seem to illustrate examples of this.
3. If I could ask the author two questions I would ask (1) "Which pricing model in the social media age do you find to be most effective in your experience, and why?" and (2) "How often do you recommend the average entrepreneur to conduct sales analysis in the average industry? What percent of your time would you say is spent doing such activities?"
4. One part of the reading where I disagree with the author is the part where he states that "the best way to integrate the application into the daily life of the user is to offer incentives, prizes, or discounts to the user of the application." I disagree with him here because I believe that the best way to make any product part of ones daily life is to make it as efficient and effective as possible. There are applications that offer great incentives, prizes, discounts, ect. and are very unpopular. 

Idea Napkin No. 2

1. I am Nicole Romero, entrepreneur and owner of Gator Construction. My talents consist of creating spaces for businesses and individuals in the Gainesville area. My skills and experiences include 5 years in the construct industry, constructing for businesses such as Circa Properties and Trimark Properties. My aspiration regarding UF is to oversee the construction of new parking garages on campus to make travel to school easier for students.
2. I offer to customers a more simple way of getting to campus for students and faculty of the University of Florida. With new garages, more people would be able to drive to campus. Some of the garages I would anticipate building would be ones on AND off of campus, however all relatively central. Also, these garages would be focused on using space vertically rather than horizontally to make efficient use of already existing space. 
3. Those who my product/service could benefit include students, professors, faculty and alumni. What they all have in common is that they all have a need to get to campus fast.
4. UF will pay money for the construction of such garages because it will encourage students to attend class more and be more involved on campus. Students will also have to purchase parking decals which will generate revenue for the school. Therefore, it is an investment because after the project is paid off they will be able to make a substantial amount of money off of it. Since even more students would drive to campus then, eventually maybe decal prices could be lowered from $160.00 annually to $140.00, and from $35 monthly to $20.
5. What sets Gator Construction apart from other construction companies is our unique designs and effectiveness. We can complete projects fast and with low costs.

I believe these five elements fit together very well. Together, they create a business that strives to simplify the needs of those traveling to school or work everyday. A part of my business concept that may not be as strong as it should be is the idea that I would need to convince the university that this building will be vital to students and faculty and they should use their unused space for this project. Space to build at UF is limited, therefore making this project more difficult due to the lack of extra land.

Feedback Memo

From the feedback I received on my Idea Napkin No.1, I took away five main points: 

• Students want parking decal permits lowered from $160 annually 
• This comment was incorporated in my response for part 4. It was made an addition to my proposition that parking garages will increase revenue for UF as a secondary financial matter. 
• Space for these garages is a concern 
• This comment was addresses in my expanded response for part 2. I explain how garages take advantage of the fact that they can be built vertically instead of horizontally. All garages, on and off campus, would also be central to locations students often visit. 
• Students feel UF needs more parking garages/locations in order to further help students with transportation. 
• This comment was addressed in my original response for part 2. 
• Building up instead of across land is a good idea and efficient 
• This comment was incorporated into the new part of my response for part 2 as well. 
• Students feel building such garages would be a good idea 
• This feedback which I received from all who commented on my original post led me to keep most of my content from Idea Napkin No.1 the same, and just make additions to what I already had.